Emcure Pharmaceuticals Ltd. shares gained on Tuesday after its subsidiary signed a partnership agreement with the Italian derma-cosmetic company WiQo to import and sell ‘PRX-PLUS’, used for skin tightening.
The Indian drugmaker announced that its wholly-owned arm, Emcutix Biopharmaceuticals Ltd has entered into an exclusive in-licensing pact with WiQo to “revolutionize derma-cosmetic treatments” in India.
WiQo is an innovative Italian derma-cosmetic and medical device company that specialises in scientifically validated products.
The partnership has granted Emcutix rights to import, promote, distribute as well as sell WiQo’ leading product ‘PRX-PLUS’ in India, which is a topical painless booster used for skin tightening.
More than 40,000 dermatologists and aesthetic doctors globally use WiQo’s patented formulas. In this case, PRX-PLUS is an innovative combination, which provides a formula that instantly tightens the skin, without using any injections, thereby offering a non-invasive, pain-free alternative to traditional aesthetic treatments.
The product is known to be safe for all skin types and prototypes, and can be used in all seasons, the company noted in a press release.
“Our collaboration with WiQo marks a significant step toward fulfilling this commitment, introducing PRX-PLUS, a unique and advanced skincare solution. With the strong marketing expertise of Emcutix, we are confident that PRX-PLUS will set new benchmarks in dermatological care, making cutting-edge skincare more accessible to consumers across India,” stated CEO of Emcutix Biopharmaceuticals, Sathya Narayanan on Tuesday.
Following the announcement, shares of Emcure Pharmaceuticals rose nearly 2% on the BSE, clocking an intraday high of Rs 1,093.45. The stock pared much of the gains to settle 0.58% higher at Rs 1,079 apiece, compared to a 1.8% decline in the benchmark Sensex.
The dermatology market in India has been witnessing consistent and significant growth over the last few years due to growing awareness about skincare.
As per data provided by Indian Pharmaceutical Market, the market size of the dermatology segment is set to stand approximately at $1.8 billion, showcasing a potential growth rate of 11-12% in the near future.
. Read more on Business by NDTV Profit.